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BLDPBallard Power Systems Inc.
$1.54$464M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
BLDP logo

Ballard Power Systems Inc.

BLDP
NASDAQ · Hydrogen & Fuel Cells
$1.54
At close - Nov 6, 4:00 PM EST - USD
Market Cap$464M
P/E-6.0x
52W High$6.57
Volume1.6M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Revenue Growth Masks Persistent Cash Burn and Margin Gaps

Ballard's 45% YoY revenue surge in 2026Q2 to $20.1M suggests improving demand, but gross margin of only 19.8% and operating margin of -62.0% indicate that scale has not yet translated into profitability.

GrowthAccelerating
ProfitabilityWeak
ValuationReview
TechnicalsWeak
Explore valuation models
MARKET ACTION

BLDP price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

7/12 Beats

EPS beat 7 of last 12 quarters

02

Valuation risk

-121% Peers

P/E is 121% below peer median

03

Market leadership

RS 15 · Lag

Laggard (Underperforming 85% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystConfirmed earnings · Nov 16

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
BLDP-42.72%
S&P 500 (^GSPC)+7.63%
1-Year Return
BLDP-56.76%
S&P 500 (^GSPC)+9.69%
3-Year Return
BLDP-56.88%
S&P 500 (^GSPC)+74.14%
5-Year Return
BLDP-92.06%
S&P 500 (^GSPC)+61.15%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E
-6.0x
Forward P/E
N/A
EV/EBITDA
N/A
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-6.0x
N/A
N/A
EV/EBITDA
N/A
N/A
N/A
Price/FCF
N/A
N/A
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$1.89+22.7%
Base (Fair)$2.29-34.9%
Bull$2.02+31.2%
$1.89 Bear$2.29 Base$2.02 Bull
Current Market Price: $1.54
Trades at a 32.8% discount to Base DCF ($2.29)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$101M+45.0% YoY
Net income FY25
-$92M+71.5% YoY
Free cash flow FY25
-$67M+50.5% YoY
Operating margin FY25
-80.6%+182.3 pts YoY
ROIC (FY25)-68.8%
Avg ROIC 5Y-54.7%
ROE (TTM)-13.2%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate7/12 (58%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 31, 2026
-$0.07-75.0%
vs -$0.04
$20M-19.4%
vs $25M
Q2 2026
May 5, 2026
-$0.04+33.3%
vs -$0.06
$19M-4.5%
vs $20M
Q2 2026
Mar 12, 2026
-$0.06+14.3%
vs -$0.07
$33M+3.6%
vs $32M
Q4 2025
Nov 13, 2025
-$0.09+18.2%
vs -$0.11
$33M+1.3%
vs $32M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
PRNewsWire·2d ago
Ballard FCmove®-SC fuel cell engine makes series-production debut in next-generation Solaris Urbino 12 hydrogen bus

New purpose-built hydrogen bus platform and transit fuel cell engine combine compact design, improved performance and tailored service support to lower lifecycle costs for public transit operators. VANCOUVER, BC, Nov. 5, 2026 /PRNewswire/ -- Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced that its FCmove®-SC fuel cell engine will make its series-production debut in the new-generation Solaris Urbino 12 hydrogen transit bus.

Zacks Investment Research·Oct 28, 2026
After Plunging 26.2% in 4 Weeks, Here's Why the Trend Might Reverse for Ballard (BLDP)

Ballard (BLDP) is technically in oversold territory now, so the heavy selling pressure might have exhausted. This along with strong agreement among Wall Street analysts in raising earnings estimates could lead to a trend reversal for the stock.

PRNewsWire·Oct 28, 2026
Ballard launches HPU Agile-H: 80kW of clean power in a lightweight, towable unit

Designed by GeoPura, manufactured by Siemens Energy and powered by a Ballard fuel cell, HPU Agile-H is available to pre-order now for delivery in Q1 2027 HPU Agile-H VANCOUVER, BC and NEWCASTLE, United Kingdom, Oct. 28, 2026 /PRNewswire/ -- Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP), through its recent acquisition, GeoPura, has launched the HPU Agile-H, a lightweight, towable Hydrogen Power Unit (HPU) developed in response to customer demand for smaller, more flexible clean power. Available for sale across the UK, Europe and North America, it provides a mobile alternative to diesel generation for lower loads, short-term projects, remote locations and operations with limited access to the grid.

PRNewsWire·Oct 22, 2026
Review of the Ballard Forum

Ballard is targeting to become adj. EBITDA positive by the end of 2027 and full year 2028.

Filtered for Ballard Power Systems Inc.More Headlines
04

Compare before deciding

Benchmark BLDP against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Ballard Power Systems Inc. (BLDP)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
BLDP logoBLDPBallard Power Systems Inc.Current
$1.54$464.27M-6.0545.04%-72.66%-13.16%—
PLUG logoPLUGPlug Power Inc.
$1.45$2.02B-1.2312.9%-220.59%-169.95%—
FCEL logoFCELFuelCell Energy, Inc.
$9.96$527.66M-3.9941.05%-113.94%-21.91%1.25%
HYMC logoHYMCHycroft Mining Holding Corporation
$18.77$1.75B-16.98——-44.49%—
BE logoBEBloom Energy Corporation
$173.24$51.02B108.3937.33%13.53%38.79%0%
HTOO logoHTOOFusion Fuel Green PLC
$1.31$2.37M-0.96762.68%———

Compare BLDP vs Peers

Ballard Power Systems Inc. (BLDP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PLUG

Most directly comparable listed peer for BLDP.

Scale Benchmark

vs LIN

Larger-name benchmark to compare BLDP against a more recognizable public peer.

Peer Set

Compare Top 5

vs PLUG, FCEL, HYMC, BE

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BLDP Frequently Asked Questions

Ballard Power Systems Inc. (BLDP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Ballard Power Systems Inc.'s revenue?

Ballard Power Systems Inc. (BLDP) reported $105.6M in revenue over the trailing twelve months. Revenue was $101.1M in fiscal year 2025. That is 438% more than the $18.8M of fiscal year 1996.

How fast is Ballard Power Systems Inc. growing?

Ballard Power Systems Inc. (BLDP) grew revenue by 45.7% over the trailing twelve months, compared with the twelve months before.

Is BLDP profitable?

No. Ballard Power Systems Inc. (BLDP) reported a net loss of $76.8M over the trailing twelve months.

Dividend & Returns
What is BLDP's return on equity?

Ballard Power Systems Inc. (BLDP) had a return on equity (ROE) of -13.2% over the trailing twelve months. A negative ROE means the company lost money over the period.

What is Ballard Power Systems Inc.'s free cash flow?

Ballard Power Systems Inc. (BLDP) had negative free cash flow of $37.0M over the trailing twelve months.

What if you invested $1,000 in BLDP back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →